Saudi Arabia’s 2023 budget goes big on renewables: KSA is planning to develop 10 renewable energy projects to generate a combined 7 GW, according to the country’s approved 2023 budget (pdf). No details were given about the individual projects or the types of renewable energy. The planned projects are part of the SAR 72 bn earmarked for the kingdom’s economic resource development, which covers environmental infrastructure, energy sources, and desalination, as well as industry, tourism, and SME development, among other areas.

What else is in the pipeline? KSA is allocating SAR 34 bn for its transport and basic equipment sector, while earmarking an undisclosed chunk to mitigating carbon emissions from maritime transport systems through the development of its railway network. The Kingdom also plans to establish a climate change center in Jeddah in 2023, and says it will be developing its Al Khobar Corniche as the country’s first environmentally friendly beach under its SAR 63 bn municipal services budget.

Some notable achievements in 2022: The Kingdom signed MoUs for the construction of its first nuclear-powered electricity generation plant, and power purchase agreements totalling 1 GW from its Saad, Layla, and Ar Rass solar power projects, which the kingdom estimates will add some SAR 2.9 bn to its coffers, according to the budget document. Another agreement will see 80% of all EVs produced by US-based EV manufacturer Lucid Motors produced in Saudi Arabia by 2030. The Public Investment Fund (PIF) USD 3 bn sale in green bonds in October were almost 6x oversubscribed, as we previously wrote.